Black Knight: Prepayments are Falling, Hurricane Effect Lingers


Posted To: MND NewsWire

As interest rates rise and refinancing declines, the impact is beginning to manifest in the loan prepayment rate . The single month mortality rate (SSM) followed a 15 percent decline in January with another 9 percent loss in February. Black Knight says, in its “first look” at February loan performance data, that the SSM during the month was 0.72 percent, the lowest since 2014. After dropping sharply in the prior month, improvement in the national delinquency rate slowed in February. Black Knight said there was only a 0.21 percent month-over-month decline in the rate of loans 30 or more days past due, but not in foreclosure. Those delinquencies declined by 4,000 to 2.198 million, 4.30 percent of all active mortgages. Delinquencies were up on an annual basis , rising by 2.10 percent or 63,000…(read more)

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